Podium Minerals (ASX: POD) has boosted the resource for its Western Australian Parks Reef project by 54% to 1.14 million ounces of combined platinum, palladium and gold.
The resource also includes 37,300t in copper credits.
Podium Minerals has taken a systematic approach to drilling the project with the mineral resources now defined over 6.9km of strike, with 15km identified.
The inferred platinum group metal (PGM) resource now totals 23 million tonnes at 0.73 grams per tonne platinum, 0.62g/t palladium, 0.09g/t gold, 0.08% copper and 0.09% nickel, with the combined 3E PGM resource grading 1.45g/t for 1.07Moz.
Focusing on base metals, the inferred resource is 8.1Mt at 0.08g/t platinum, 0.05g/t palladium
Resources have been defined to 100m below surface with Podium targeting a bulk open-pit mining operation.
However, mineralisation remains open at depth and along strike.
“The systematic approach to our drilling has allowed us to efficiently compile a substantial resource base while building confidence in the ultimate potential of Parks Reef,” Podium chief executive Tom Stynes said.
“The recent drilling has taken us well over the 1Moz milestone, which lays the foundations for the next stages of our work with further resource extensions plus test work and engineering to define a pathway to production for the project.”
“The outlook for the PGM market remains very positive with continued price increases being driven by strong market fundamentals and Podium provides unique exposure to this market with an Australian-based project,” Mr Stynes added.
Located in WA’s mid west, Parks Reef hosts 15km of PGM strike that was identified via historic shallow drilling.
Podium has firmed up an exploration target of between 80-120Mt at 1.2-1.5g/t 3E PGM for 3.1-5.8Moz of combined platinum, palladium and gold.
In advancing the project, Podium will continue systematic drilling to test the exploration target with the aim of defining a “materially significant” resource.
To do this, the company will carry out up to 8,000m of drilling.
Additionally, Podium will undertake metallurgical test work and begin the engineering design for an open pit mining operation.
Shares in Podium were steady at $0.035 by late afternoon.